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The Budget Stretcher
"Saving you money...One Dime at a Time!"
Week Of: May 14, 2007
AOL Users Please Visit Online
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Free Ebook Download
For the next few weeks I'm going to give away an ebook each
week. All you have to do is click on the below link and the
download will start. The Adobe Acrobat Reader is required
to open the ebook and is on most computers.
Cheesecake Recipes
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***What's Inside***
Free Ebook Download
Subscriber's Tip of the Week 1
Coupon Savings
Grandpa Terry's Update
Credit Card Information
Grandpa Terry's Tip of the Week
Site of the Week
Grandpa Terry's Email
Subscriber's Tip of the Week 2
Subscriber's Tip of the Week 3
This Week's Articles
Special Recipe - Mexican Hamburger Casserole
Watch for next week's newsletter featuring:
Spending too much? Try the 7-day challenge
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Subscriber Tip
Terry,
My daughter recently told me about a program called UPROMISE.
It is a program that allows you to put small percentages of
purchases toward a college savings fund, or toward student loans
to sign up for the grocery store, or pharmacy, or debit/credit
cards you use, and a small percentage at qualifying stores goes
toward the college savings fund or the current student loan. I
think this looks like a great idea. I have signed up, and if I
run into any "catches" I'll let you know. Of course, they want
you to sign up for their credit card, but it's not
mandatory...see what you think.
Suzanne
All you have to do is submit a "Subscriber Tip" and if it
appears in The Budget Stretcher you will get your choice of
either The Complete Budget and Bill Organizer Download or 10 of
my Budget and Credit Card Calculating Forms.
Please use the form available at:
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Coupon Savings
by Michelle Jones
Another thing I like to do to save time when clipping grocery
coupons from the newspaper inserts is to leave similar coupons
together. Especially when there's a row of small ones, like for
Chuckie Cheese or pet food. If I absolutely know for certain I
will use a particular coupon, I'll go ahead and cut it out, but
if there's any doubt, I'll leave it connected to the other row
of coupons to save time. This also prevents the really tiny
coupons from getting lost in the shuffle and they can easily be
separated at the store if you decide to use them.
Save hundreds of dollars on your groceries each month, with or
without using coupons! Read more of Michelle's FREE grocery
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Grandpa Terry's Update
Welcome to The Budget Stretcher!
Do you sometimes see an article, tip or recipe in our newsletter
that you are sure you've seen before? That's very possible and
there are a couple of reasons for it.
I get about 400 new subscribers each month and feel that some
of these bits of info may help them. Also, like the recipe
for Homemade Laundry Detergent below, I constantly receive
requests to run this.
And yes, even though I do everything I can to prevent it, I
sometimes forget that I ran it before!!
In case you haven't ordered the Bill Pay Management System yet
please do so soon. I am going to make this available to everyone
very soon and it will cost $7.95 retail. For subscribers right
now it's only $3.95 and has a 30 Money Back Guarantee in case
it's not what you want. Here is the link to learn more and place
your order:
I have a challenge for you. Can you tell me how much you owe?
A major part of managing your money involves controlling your
debt. In order to do this you must have an idea of what your
total debt is at all times.
I have developed a simple calculating form for you to list
your debt and find out just how much you owe. There are two
versions of the form:
Microsoft Works
Microsoft Excel
Just click on the links and the form will open if you have the
right software on your computer.
You may have heard about the rash of mortgage foreclosures in
the news lately. Some of the problem is that individuals are
taking on more mortgage than they can afford but there are
also problems with the lenders. This hasn't gone unnoticed by
state and federal lawmakers. See what may be in store for
potential homebuyers in the below article:
Predatory lenders jump hurdles
That's all for now. Remember, I really enjoy hearing from you
folks. If you have any comments, complaints, suggestions or just
want to say Hi, please send me an email to
If you know someone that may be interested in subscribing to our
newsletter just have them visit:
Have a great week,
Grandpa Terry
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Credit Card Information
Shedding the world's worst credit card
The Debt Adviser by Steve Bucci " Bankrate.com
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Grandpa Terry's Tip of the Week
What To Pay When You Can't Pay Everything
With ever increasing consumer debt more of us are finding
ourselves robbing Peter to pay Paul each month.
We go through our bills and find that the money just won't
stretch far enough to cover all of the bills and expenses. It's
hard to decide who you should pay when you have one bill that is
stamped with "Final Notice" and you are behind on several of
your other bills.
If you don't pay the credit cards you know that you are going
to start getting those harassing phone calls. If you don't pay
the house payment you are looking at foreclosure. If you don't
pay the utilities they will shut them off. How do you decide?
When you get to this point it's time to get down to basic
survival and work from there.
I have actually talked to people that stated their credit cards
were up to date but their mortgage was two months behind. This
is one of the biggest mistakes we can make when we don't have
the money to pay everything.
Another mistake I see on a regular basis is that some people
pay their bills at the expense of their food budget.
If you have the money to pay some of your bills you have to
start with groceries first and necessary health items. You can
try to save as much as possible on your food but that money has
to be set aside before anything else.
The next bill you must pay is your mortgage or rent. While
credit cards companies will drag out their collection process,
mortgage companies and landlords will start the process of
foreclosure or eviction within just a couple of months.
Your next priority is your utilities. In many cases utility
companies will turn off your utilities if the bill isn't paid
within a few days of receiving the bill.
Once you are sure you have enough to eat and a roof over your
head you can start thinking about your other bills. The secured
loans, like your car payment, should come before your unsecured
loans, like your credit cards.
The reason for this is simple. Creditors that have secured
property will sue or repossess much quicker than the credit card
companies.
If you find yourself in this situation it is a sign that you
need to do something drastic and fast. By not paying all of your
bills each month they are going to add up quickly and you are
going to accumulate a lot of late fees.
The best place to start is to find out exactly where you stand
and what is causing the problem. This is as simple as listing
your income on one side of a piece of paper and your bills on
the other. Total each and subtract your bills from your income.
Your next step is to develop a budget. You can find a free and
simple budget by visiting The Complete Budget and Bill Organizer
Whether you use my budget system or another it is very
important that you start one as soon as possible. For those of
you that believe a budget is to restrictive, just the opposite
is true. The only way you can get what you want and know you can
afford it is to have a budget in place.
It is important that you pay all of your bills on time each
month. When you don't have the money to pay everything it is
vital to your survival that you pay the most important bills
first.
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Site of the Week
Home and Garden TV
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Grandpa Terry's Email
Hi Grandpa Terry!
Here's my question with some background first. We still have
high credit card debt, though we no longer use our cards and are
paying them off. If we don't have any emergencies, we do quite
well every month, and can afford extra seven with making sizeable
payments on all accounts.
The problem is, (and I know it is me who does it) something
always happens to make us short financially. Last month, our son
got a wonderful job out of state, and needed us to help him
move. We used our pickup and horse trailer, and made the 1600
mile round trip, including getting things unloaded, in four
days. Fuel was $3.00 a gallon in some places, and our son
offered to pay all our expenses, but I would not let him, except
for one fill up and one meal, because we wanted to help him. My
poor husband trusts me to manage with whatever money we have, so
he says nothing!
So what happened is that my husband had to see his physician
and his dentist before we left, and a company I bought vitamins
from on-line started putting unauthorized charges on my debit
card to the tune of $300. When we got home my husband ended up
in the hospital for two days and the cat got sick it was like a
bucket of dirt got dumped on us, (there were more things, just
not financial) and now we have $150 to get us through two weeks
and almost $100 of that will go for my gas to get to work. I
will probably have to break down and use my card for gas. If I
don't do anything dumb next month we should be able to pay off
the entire balance.
We will make it, but I am sitting here wondering why I feel
like I have to pay for everything. I know I couldn't control the
emergencies that came up, but I didn't have to insist that we pay
for just about everything on our trip, and if I hadn't, we would
not be on such a tight budget right now.
Is this a mom thing or a spending syndrome that other people
suffer from? I guess I only do this particular thing with my
kids, but I do tend to spend ahead we just got our pickup paid
off and that might have inspired me to think I could be a big
spender.
I look forward to your insights. I understand that I just have
to quit doing this, but I don't understand why I do it in the
first place.
Thanks,
Brenda
My Response:
Hi Brenda,
Yes, it is a Mom thing and a Dad thing, and for my wife and I
it's been a Grandma and Grandpa thing for the last 17 years (the
age of my oldest grandson). Please don't beat yourself up for
just being Mom. You took care of your kids for years and old
habits are hard to break.
From what you say you must have enough income to cover your
normal bills and expenses. What I believe would help you is to
stop paying more on your credit card and other debt for a few
months until you can put away about $3000 in an emergency fund.
I know it will be hard to keep your hands off of it but it's
well worth the effort and discipline to know you have a cushion.
Odds are your son will remember what you and your husband did
and will be there for you when you need him. It's like putting
money in the bank!
Have a great week,
Grandpa Terry
--------
Terry,
I recently read this article from AOL Money & Finance (see link
below and excerpt from article) and was wondering if you would
be willing to give us your "take" on this article. Are these
online banks really a legitimate way to save money and earn a
good APR?
1. Move your money to a high-interest online bank. If you are
keeping an emergency fund or other money in a savings account
that is earning little in interest, you should move your money
to one of the many online banks that are paying far more than
the typical bank. There are over 15 online banks offering 5% or
more, and many require only a dollar to open an account.
Thanks,
Kathy
My Response:
Hi Kathy,
I'm sorry it took a while to get back to you.
This is an excellent article and I believe that anyone who
follows these guidelines will save more and have better control
of their money, although I'm not sure why they recommend
cancelling the overdraft protection that comes with your account
and then signing up again. They don't explain the benefit for
that move.
I personally wouldn't have any problem using any one of the 15
banks to put my money in. I currently use PayPal that pays a
rate of 5.02% which is an excellent rate and it's simple to
manage.
There is one thing that you must consider. The Money Market
account through PayPal is not FDIC insured which increases your
chance of losing money. I use them for convenience but if you
are concerned with this fact I would suggest obtaining one of
the accounts that do provide this protection like ING.com.
One other area that is important is accessibility. How long
will it take to get your hands on the money if you really need
it. With PayPal, if you have their ATM card you can get your
money instantly but have to pay a $1 fee per transaction.
I hope this helps and that all of the readers will at least
take the time to read the article and consider these banking
tips.
Thanks for a great tip,
Terry
--------
Hi Grandpa Terry,
Vie been reading about Money Merge Accounts as a way to easily
pay back your mortgage faster. It looks interesting and like a
viable plan but was wondering your thoughts on it. Is it worth
the $3500 price tag?
Thanks,
Tina
My Response:
Hi Tina,
Money Merge Accounts are like any other system of paying down
debt. It takes discipline over the long haul, but they can pay
off your mortgage years earlier and save you thousands of
dollars in interest.
I had intended to lay out some facts for you but I found an
excellent article that has 52 comments on MMAs that just about
covers everything. I learned a few things myself. Please read
this article and the comments at the bottom of the page:
If you still have questions after reading the article please
let me know.
All the best,
Grandpa Terry
--------
Grandpa Terry, I just read the email that was sent to you
asking about whether or not a couple should buy an extended
warranty on the Chevy 2500 they purchased used from a private
seller.
I've had extended warranties in the past and it was a
lifesaver. In 1999, I purchased a Lincoln Town Car with only 51,
000 miles on it from a reputable dealer. My husband convinced me
to purchase the extended warranty for an extra 100, 000 miles
and $1100. That was the best decision I ever made! Within 1 1/2
years the car cost the warranty company $12, 500! and my
deductible was only $50.00. First the a/c went out, then the
engine locked up because the previous owners put the wrong
weight of oil in it.
The next warranty I got I did not it because my daughter
totaled the car and because I had not used the warranty they
deducted that from the payoff when the insurance check came.
The last warranty I purchased (and cancelled) was one bought
through a private company--NOT a good idea. Many dealerships
will not accept it because it takes so long for them to pay and
they find every loophole they can to not cover you even though I
had bumper to bumper coverage. After the third time of trying to
use it in as many months I called and cancelled it and got a
refund.
I guess what I'm saying is that you have to read the fine
print. Granted the first warranty I bought more than paid for
itself and was bought at the dealership through Louisiana
Dealer's Association. The second was through GMAC and I can't
remember the third. My advice is read the fine print, ask tons
of questions, and most of all check the maintenance records of
the previous owners. One $2000 repair and your warranty had paid
for itself and all the rest is gravy.
By the way, Love the newsletter!!
Karen, SPSM
--------
Terry...in response to the May 7th posting of the subscriber
tip (shown below) concerning the SHARE food program...
I checked on Google, and didn't find anything about this
program except one that serves all of Maryland and parts of
Virginia only. Can the reader provide a main link or something?
I've just lost my job, for the second time in two years. I'm
receiving a very small unemployment check, and had to cash in a
small 401K just to live on, so I could go back to school for a
short time. I could really use a break.
Thanks,
Suzy
--------
Dear Terry,
I just wanted to add a comment about paying ahead on cards or a
loan. I made some extra payments to our auto loan, and the bill
that came said "$0.00 due. I called the company to double check
and the representative told me, "No, there is no payment due,
but if you don't send in the regular payment, you will be in
default of the loan and they can demand the entire balance."
Hmmm. I guess you have to be careful!
Thanks for all the great advice,
Shaunna Privratsky
shaunnawrites@msn.com
--------
Hey Terry...
In response to Debbie's question about purchasing an Extended
Warranty on a used vehicle...
I've always been wary of buying extended warranties on
appliances and other household items, so when I bought a
pre-owned Plymouth Grand Voyager, that had 70, 000 miles on it,
at CarMax, I surprised myself when I allowed the guy to sell me
an extended warranty. Upon the close of the sale that day, I
left the parking lot in my "new" van, and drove directly to the
Dodge dealer in the next block. I told them I had just purchased
this van with an extended warranty, and I wanted them to check
it out top to bottom front to back side to side, and tell me
what they find. Long story short...they did $1700 worth of
repairs that included things like the air conditioner
compressor, spark plug wiring, belt tensioner, and a brake line,
and they took care of a recall involving the gas tank. I paid
$200 for the extended warranty, and not a penny for any of the
work. I have since learned that the van I bought is on Consumer
Reports "Worst Used Cars To Buy" list, which only reiterates the
value of the extended warranty that I bought and used. The next
time I buy a pre-owned vehicle, I will definitely add an
extended warranty.
Suzy
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Subscriber Tip
I've been traveling a lot this year and because of the airport
precautions, you cannot bring any bottled water or other drinks
through security with you. I like to drink water when I travel
but the airlines don't give me enough to kill the thirst. I
carry an EMPTY bottle with me and then fill it with water from
the drinking fountain when I get past security. That way I avoid
having to pay $2 or more for a bottle of water inside the
terminal! It may seem like a small amount, but it adds up!
Joyce Pierce
Author: All They'll Need To Know
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and view over 10,000 tips and articles to save you money
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Budget Stretcher Partners
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Subscriber Tip
If you're shoe shopping for kids (adults too for that matter),
and frequent thrift stores or garage sales........here's an idea
that worked for me. I traced around each kiddos foot, while they
were standing on it......and carried these in my daytimer. That
way, when I noticed a pair of shoes I thought might work for
someone, I just whipped out their "foot" and compared. I wasn't
always right, but it sure increased my success rate. The sizes
didn't work for me, as thrift store/garage sale footwear
typically have the sizes worn off.
Sue
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This Week's Article Links
Just click the links to view the article
How to Raise Your Credit Score
by Ellise Walsh
Happiness in Frugality
By Doris Dobkins
Cheap and Easy Wall Decorating
By Kathy Wilson
To read more articles visit:
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Take Advantage of your Budget Stretcher Subscriber
Benefits Visit:
Visit Our Forum
Budget Stretcher Subscriber Benefits Page
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Consumer Lending and Personal Credit Guide
LendersMark.org is a consumer credit website with a growing
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lending officer, or operate a credit organization, we encourage
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Special Recipe
Mexican Hamburger Casserole
1/2 lb. ground beef, browned
1 (10 3/4 oz) can cream of chicken soup
1 lb. Cheddar cheese
1 (15 oz.) can tomato sauce
1 sm. can green chilies, diced
1 (10) pkg. corn tortillas
Mix browned ground beef, chicken soup, tomato sauce
and green chilies in a bowl. Put a layer of
tortillas on the bottom of a 9x13 pan, then a layer
of meat, a layer of tortillas, and sprinkle cheese
on top. Bake 300 degrees 30-45 minutes.
This recipe compliments of The Best Cookbook Anywhere
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Everyday Savings
These Tips provided by The Frugal Shopper
Please show your appreciation for these great tips by visiting
this site.
Homemade Laundry Detergent
Save hundreds of dollars per year using these
recipes!
I didn't "invent" these recipes, they were passed
along to me. I have used them with much success,
and have saved tons of money, so I want to share
them with you...
Included are 3 liquid recipes, a powdered recipe,
tips, and instructions about where to find
ingredients.
Get the recipes at:
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Contact Information:
Budget Stretcher
1203 Madison 228
Fredericktown, MO 63645
FAX: 573-783-5982
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Disclaimer: This newsletter is only intended to provide
information on proper money management. Budget Stretcher or
Terry Rigg can not accept responsibility for any injury or
damage that may be caused to yourself, others, or property when
following any advice given.
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